UWM (UWMC) - 2023 Q4 - Earnings Call Transcript

[Operator Instructions] Your next question will come from the line of Eric Hagen with BTIG. Please go ahead. Yes. So, good question. Obviously, in the weeds, you know the game. No, we do not put an estimate for recapture in there. So, therefore, thatÂ's what all of my other competitors do to beef up their numbers, which is a false way of doing it, but you get that and understand the business well enough to ask the question. So, you know that. On the other side of it, MSR is $300 billion, like we look at it ...